Universal Mortgage & Finance Rates, Fees & Info
LUTHERVILLE, MDLEI: 549300FFPMB9B7FHNR61
Tax ID: 52-2276553
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Mortgage Data
Review & Overview
Universal Mortgage & Finance is a smaller mortgage company specializing in Home Purchase and Refi loans. Universal Mortgage & Finance has a high proportion of conventional loans. They have a a high proportion of FHA loans. They have a low ratio of USDA loans. They have a a low proportion of FHA loans. (This may mean they shy away from first time homebuyers.) Their top markets by origination volume include: Washington, Baltimore, Virginia Beach, Reno, and California among others. We have data for 39 markets. (Some data included below & more in-depth data is available with an active subscription.)Universal Mortgage & Finance has an above average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. Universal Mortgage & Finance is typically a high fee lender. (We use the term "fees" to include things like closing costs and other costs incurred by borrowers-- whether they are paid out of pocket or rolled into the loan.) They typically have about average rates.
We show data for every lender and do not change our ratings-- even if an organization is a paid advertiser. Our consensus data does have lag, but it is highly correlated to a lender's rates & fees relative to their markets. This means that if a bank is a low fee/rate lender the past-- chances are they are still one today. Our SimulatedRates™ use advanced statistical techniques to forecast different rates based on a lender's historical data.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| Home Equity Line of Credit (HELOC) | 7.68% | 1/29/23 |
| 30 Year Conventional Purchase | 6.89% | 1/29/23 |
| 30 Year Conventional Refi | 6.73% | 1/29/23 |
| 30 Year Cash-out Refi | 7.04% | 1/29/23 |
| 30 Year FHA Purchase | 7.75% | 1/29/23 |
| 30 Year FHA Refi | 7.20% | 1/29/23 |
| 30 Year VA Purchase | 6.80% | 1/29/23 |
| 30 Year VA Refi | 6.17% | 1/29/23 |
| 30 Year USDA Purchase | 7.03% | 1/29/23 |
| 15 Year Conventional Purchase | 6.50% | 1/29/23 |
| 15 Year Conventional Refi | 6.35% | 1/29/23 |
| 15 Year Cash-out Refi | 6.35% | 1/29/23 |
| These are simulated rates generated by our proprietary machine learning models. These are not guaranteed by the bank. They are our estimates based on a lender's past behaviors combined with current market conditions. Contact an individual lender for their actual rates. Our models use fixed rate terms for conforming loans, 700+ FICO, 10% down for FHA and 20% for conventional. These are based on consensus, historical data-- not advertised promotional rates. | ||
Originations
330Origination Dollar Volume (All Markets)
$110,920,000Relative Rate
Universal Mortgage & Finance's average 30 year fixed mortgage rate was
3.34%.
The 2021 average 30 year fixed rate mortgage across all markets and lenders was 3.15%.
This yields a difference of 0.19%.
Relative Fees (Closing Costs)
Universal Mortgage & Finance's average total fees/closing costs for a 30 year fixed rate
mortgage were $9,820.
The average total origination fees for 30 year fixed rate mortgages across all lenders (for all loan values, including
both points & up-front fees in addition to origination fees) were $4,750.
Top Markets
Zoom/scroll map to see bank's per metro statistics. Subscribers can configure state/metro/county granularity, assorted fields and quantity of results. This map shows top 10 markets in the map viewport, as defined by descending origination volume.
| Market | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) | 133 | $48,815,000 | $367,030 | $11,028 | 3.29% |
| BALTIMORE-COLUMBIA-TOWSON, MD (FHA|USDA|VA) | 81 | $25,855,000 | $319,198 | $9,558 | 3.23% |
| VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC (FHA|USDA|VA) | 31 | $9,415,000 | $303,710 | $7,802 | 3.34% |
| RENO, NV (FHA|USDA|VA) | 20 | $7,130,000 | $356,500 | $7,177 | 3.31% |
| CALIFORNIA-LEXINGTON PARK, MD (FHA|USDA|VA) | 10 | $2,720,000 | $272,000 | $8,287 | 3.64% |
| JACKSONVILLE, FL (FHA|USDA|VA) | 4 | $1,640,000 | $410,000 | $12,490 | 3.53% |
| SALISBURY, MD-DE (FHA|USDA|VA) | 4 | $1,160,000 | $290,000 | $11,747 | 3.25% |
| ROANOKE, VA (FHA|USDA|VA) | 2 | $1,030,000 | $515,000 | $7,478 | 3.56% |
| PANAMA CITY, FL (FHA|USDA|VA) | 1 | $1,005,000 | $1,005,000 | $9,129 | 4.75% |
| Outside of Metro Areas | 6 | $970,000 | $161,667 | $5,273 | 3.31% |
| ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) | 2 | $780,000 | $390,000 | $5,395 | 3.44% |
| Fernley, NV (FHA|USDA|VA) | 2 | $760,000 | $380,000 | $7,868 | 3.31% |
| WINSTON-SALEM, NC (FHA|USDA|VA) | 3 | $695,000 | $231,667 | $7,467 | 3.92% |
| DURHAM-CHAPEL HILL, NC (FHA|USDA|VA) | 2 | $570,000 | $285,000 | $5,225 | 3.88% |
| LAS VEGAS-HENDERSON-PARADISE, NV (FHA|USDA|VA) | 1 | $515,000 | $515,000 | $10,408 | 3.25% |
| Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) | 2 | $500,000 | $250,000 | $6,223 | 3.50% |
| NASHVILLE-DAVIDSON--MURFREESBORO--FRANKLIN, TN (FHA|USDA|VA) | 1 | $485,000 | $485,000 | $5,503 | 3.25% |
| CHARLOTTESVILLE, VA (FHA|USDA|VA) | 1 | $485,000 | $485,000 | $6,786 | 3.99% |
| DALTON, GA (FHA|USDA|VA) | 2 | $450,000 | $225,000 | $8,682 | 3.15% |
| RICHMOND, VA (FHA|USDA|VA) | 2 | $440,000 | $220,000 | $3,312 | 3.38% |
| Gardnerville Ranchos, NV (FHA|USDA|VA) | 1 | $425,000 | $425,000 | $9,057 | 3.25% |
| Cambridge, MD (FHA|USDA|VA) | 2 | $420,000 | $210,000 | $10,877 | 3.44% |
| LYNCHBURG, VA (FHA|USDA|VA) | 1 | $415,000 | $415,000 | $4,667 | 3.38% |
| CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) | 1 | $415,000 | $415,000 | $4,061 | 2.75% |
| ASHEVILLE, NC (FHA|USDA|VA) | 1 | $405,000 | $405,000 | $0 | 2.59% |
| SAN ANTONIO-NEW BRAUNFELS, TX (FHA|USDA|VA) | 1 | $395,000 | $395,000 | $19,917 | 3.75% |
| Jesup, GA (FHA|USDA|VA) | 1 | $335,000 | $335,000 | $19,207 | 3.25% |
| TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) | 1 | $315,000 | $315,000 | $12,073 | 3.63% |
| STAUNTON, VA (FHA|USDA|VA) | 1 | $315,000 | $315,000 | $0 | 2.57% |
| CHARLESTON-NORTH CHARLESTON, SC (FHA|USDA|VA) | 1 | $285,000 | $285,000 | $5,298 | 2.88% |
| YORK-HANOVER, PA (FHA|USDA|VA) | 1 | $265,000 | $265,000 | $7,600 | 4.00% |
| OCALA, FL (FHA|USDA|VA) | 1 | $265,000 | $265,000 | $10,582 | 3.00% |
| ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) | 1 | $225,000 | $225,000 | $4,952 | 3.50% |
| Granbury, TX (FHA|USDA|VA) | 1 | $205,000 | $205,000 | $6,869 | 3.88% |
| HAGERSTOWN-MARTINSBURG, MD-WV (FHA|USDA|VA) | 1 | $195,000 | $195,000 | $11,098 | 3.75% |
| DOVER, DE (FHA|USDA|VA) | 1 | $195,000 | $195,000 | $8,153 | 2.88% |
| CARSON CITY, NV (FHA|USDA|VA) | 1 | $185,000 | $185,000 | $5,892 | 3.25% |
| Dallas-Fort Worth-Arlington, TX (FHA|USDA|VA) | 1 | $155,000 | $155,000 | $5,798 | 3.00% |
| MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC (FHA|USDA|VA) | 1 | $85,000 | $85,000 | $5,506 | 3.99% |
Similar Lenders
We use machine learning to identify the top lenders compared against UNIVERSAL MORTGAGE & FINANCE based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.
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Product Mix
For 2021, Universal Mortgage & Finance's most frequently originated type of loan was Conventional, with 180 originations. Their 2nd most popular type was FHA, with 102 originations.
Loan Reason
For 2021, Universal Mortgage & Finance's most frequently cited loan purpose was Home Purchase, with 186 originations. The 2nd most popular reason was Refi, with 77 originations.
Loan Duration/Length
For 2021, Universal Mortgage & Finance's most frequently cited loan duration was 30 Year, with 305 originations. The 2nd most popular length was 15 Year, with 12 originations.
Origination Fees/Closing Costs
Universal Mortgage & Finance's average total fees were $9,820, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 107 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 3-4% | 215 | $70,895,000 | $329,744 |
| 2.5-3% | 68 | $24,920,000 | $366,471 |
| 4-5% | 24 | $7,330,000 | $305,417 |
| <2.5% | 23 | $7,775,000 | $338,043 |
During 2021, Universal Mortgage & Finance's average interest rate for loans was 3.34%, while their most frequently originated rate bucket for loans was 3-4%, with 215 originations.
Loan Sizing
2021 saw Universal Mortgage & Finance place emphasis on $200k-400k loans with 186 originations, totaling $54,420,000 in origination value.
Applicant Income
Universal Mortgage & Finance lent most frequently to those with incomes in the $75k-100k range, with 85 originations. The second most popular income band? $100k-150k, with 83 originations.
Applicant Debt to Income Ratio
Universal Mortgage & Finance lent most frequently to those with DTI ratios of 20-30%, with 51 originations. The next most common DTI ratio? 30-36%, with 47 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications96.13%
Universal Mortgage & Finance has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.
Pick Rate
Approvals leading to origination86.97%
Universal Mortgage & Finance has an average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 330 | $110,920,000 | $336,121 |
LTV Distribution
Complaints
| Bank Name | Product | Issue | 2021 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| UNIVERSAL LENDING CORP. | Conventional home mortgage | Struggling to pay mortgage | 1 | 100.0% |